CHICAGO — Associated Bank has provided a $4.1 million loan for the construction of a 3,000-square-foot building in Chicago that will house a 7-Eleven gas station and convenience store. Construction is expected to begin in early 2019 and completion is slated by the end of the year. The property, located at 3163 N. Clybourn Ave. in the Lakeveiw neighborhood, was previously vacant. Brian Rogan of Associated Bank originated the loan on behalf of the borrower, GW Clybourn LLC, a subsidiary of GW Properties.
NEW YORK — New York-based Greystone has provided a $31.5 million bridge loan for four skilled nursing facilities located across Texas. The undisclosed borrower is using the loan proceeds to refinance Heritage Oaks Residence & Rehabilitation Center, a 204-bed facility in Arlington, and the 202-bed Quality Care of Waco in Waco. The funds will allow the borrower to expand clinical services at the two properties. Two other facilities, the 186-bed Westview Manor & Rehabilitation Center in McGregor and the 112-bed Galleria Residence & Rehabilitation Center in Houston, will also be acquired as part of the deal. Fred Levine of Greystone originated the financing. The non-recourse loan carries an initial term of 24 months with two six-month extension options, as well as a floating interest rate and interest-only payments for the entire term.
MEMPHIS, TENN. — Money360 has provided a $4.7 million bridge loan to an undisclosed borrower for the Winbranch Apartments in Memphis. The 24-month, non-recourse refinance loan was structured with an 8.5 percent interest rate. Amenities at Winbranch include a swimming pool, tennis court, playground and a clubhouse.
EDISON, N.J. — HFF has arranged a $41.5 million loan for the acquisition of Middlesex Logistics Center, a 507,000-square-foot warehouse and distribution center in Edison. Built in 2014, the fully leased property features 36-foot clear heights, 101 loading docks and parking for 190 cars and 135 trailers. The property is located at 549 Mill Road, approximately 35 miles southwest of New York City. Jon Mikula and Andrew Zilenziger of HFF represented the borrower, Cohen Asset Management in the transaction. Principal Real Estate Investors provided the 10-year, fixed-rate loan.
FALMOUTH, MAINE — PGIM Real Estate Finance has originated a financing package totaling $9.9 million for OceanView at Falmouth, an 80-acre seniors housing campus in the Portland suburb of Falmouth. Sea Coast Management Co. owns the property, which features 42 custom-designed homes, 57 cottages, 118 independent living apartments and a 30-bed memory care facility. The financing includes two HUD healthcare loans and each is for a different property on the campus. A $4.4 million loan will be used for the construction of a two-story expansion to the assisted living portion of the campus, as well as renovations to the existing common areas. A $5.5 million loan will refinance the memory care portion of the campus, extending the loan term and converting from a floating rate to a fixed rate. The memory care wing was built in 2014 and has maintained 100 percent occupancy with a waiting list since its construction.
CHICAGO — CIBC Bank USA has provided $31.1 million in construction financing for 43 luxury condominium units and 12 townhomes in Chicago’s Wicker Park. The development is named Alcove M.D.P. for its proximity to Milwaukee Avenue, Division Street and Paulina Street. Vermilion Development is the developer. The seven-story condominium building will include units averaging almost 2,000 square feet. Units start at $600,000. The 12 four-bedroom townhomes, each attached with garages, are sized between 3,000 and 3,500 square feet. The townhomes start at $1 million. Vermilion is expected to break ground on the project in the first quarter of 2019, but a timeline for completion was not disclosed. Christopher Knight of HFF arranged the financing.
LOS ANGELES COUNTY, CALIF. — Bellwether Enterprise Real Estate Capital has arranged $85 million in permanent financing for s five-building warehouse portfolio. Totaling 1.1 million square feet, three buildings are located in Los Angeles County, one in the Inland Empire West area and one in Central Pennsylvania’s Lehigh Valley submarket. Each building is a concrete tilt-up warehouse building with minimal office build-out and clear heights ranging from 24 feet to 36 feet. Additionally, each building is leased to a single tenant. Shelley Magoffin and Max Sauerman of Bellwether Enterprise secured the loan with one of the company’s correspondent life insurance companies and Thrivent Financial.
HUNTINGTON, W.VA. — NorthMarq Capital has arranged $8.2 million in refinancing for Fairfield Inn & Suites in Huntington. The fixed-rate, non-recourse loan was structured with a 10-year term and a 20-year amortization schedule. The 106-room hotel features a picnic area, valet dry-cleaning and car rental services. Randy Waddell of NorthMarq arranged the loan on behalf of the borrower, H&W Management.
HOUSTON — Houston-based Q10 KDH has arranged a $26.1 million non-recourse loan for a portfolio of single-tenant office buildings located across Texas. The portfolio consists of 20 assets totaling 295,104 square feet across 18 markets. Proceeds were used for both acquisitions of new properties and refinancing of existing assets in the undisclosed borrower’s portfolio. Emily Zarcaro of Q10 KDH arranged the 10-year, fixed-rate loan, which included five years of interest-only payments, through Silverpeak Argentic. The names of the properties were not disclosed.
RIDGEFIELD, N.J. — Talonvest Capital has arranged a $13.6 million construction loan for a 152,000-square-foot self-storage facility in Ridgefield. Located at 625 Grand Ave., the five-story building will feature 1,220 climate-controlled storage units as well as drive-in loading bays. Tom Sherlock, Jim Davies, Erich Pryor, and Terra Hendrich of Talonvest secured the financing on behalf of borrower, Integritas Partners. The lender was a Midwestern bank. The loan included a five-year term with interest-only payments.